Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART VII EXEMPTIONS AND TAX CONCESSIONS

Income Tax Ordinance, 2001 CHAPTER-III TAX ON TAXABLE INCOME PART VII EXEMPTIONS AND TAX CONCESSIONS From: 2024-12-29 - To: 0000-00-00 1[56A. Set off of losses of companies operating hotels.- Subject to sections 56 and 57, where a 2[public company as defined in the Companies Act, 2017 and] registered in Pakistan 3[, Gilgit- Baltistan] or Azad Jammu and Kashmir (AJ K), operating hotels in Pakistan 4[, Gilgit-Baltistan] or AJ K, sustains a loss in Pakistan 5[, Gilgit-Baltistan] or AJ K for any tax year under the head “income from business” shall be entitled to have the amount of the loss set off against the company’s income in Pakistan 6[, Gilgit-Baltistan] or AJ K, as the case may be, from the tax year 2007 7[onward].]…